Philadelphia Pennsylvania Assignment and Conveyance of Net Profits Interest

Name: Philadelphia Pennsylvania Assignment and Conveyance of Net Profits Interest
Brand: US Legal Forms
Rating: 4.81 (445 reviews)

Category:

Oil Gas and Minerals - Assignments

State:

Multi-State

County:

Philadelphia

Control #:

US-OG-295

Format:

Instant download

Description

This form is used when Grantor assigns and conveys to Grantee, a net profits interest equal to a percentage of the Net Proceeds attributable to Grantor's Interest.

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FAQ

There is a Transfer Tax of 2% (1% to the state and 1% to the municipality and school district) for all property sales in Pennsylvania on the value of the property or interest being conveyed. This value is not necessarily the sales price. The 2% Transfer Tax is paid at the time of recording.

The Commonwealth of Pennsylvania collects 1% while the City of Philadelphia collects 3.278% for a total of 4.278%. Luckily, it is customary (but not legally required) for the buyer and seller to split the transfer taxes evenly. In most cases, the buyer will pay 2.139% and the seller will pay 2.139%.

Who Pays Transfer Taxes in Pennsylvania: the Buyer or the Seller? According to the Pennsylvania Department of Revenue, both the seller and buyer are held jointly liable for the payment of transfer tax. What that means is that the two parties often split the cost equally between themselves.

Think of the transfer tax (or tax stamp) as a sales tax on real estate. The State of Pennsylvania charges 1% of the sales price and the municipality and school district USUALLY charge 1% between them for a total of 2% (i.e. 2% X 100,000 = $2,000). By custom, the buyer and seller split the cost.

How much is it? The Use and Occupancy Tax rate is 1.21% of the assessed value of a property, with a $2,000 annual tax exemption.

Pennsylvania realty transfer tax is imposed at a rate of 1 percent on the value of real estate (including contracted-for improvements to property) transferred by deed, instrument, long-term lease or other writing. Both grantor and grantee are held jointly and severally liable for payment of the tax.

The transfer tax is calculated as a percentage of the sale price or the appraised value of the property. The percentage will vary depending on what the city, county, or state charges. For the most part, the rate is calculated per $100, $500, or $1,000. If the transfer tax is $1.00 per $500, the rate would be 0.2%.

The reduced income-based rate for residents and non-residents is 1.5%. You must attach a completed Pennsylvania Schedule SP for the relevant tax year to your Net Profits Tax return to be eligible to receive the income-based rates.

Currently, the fee for filing the deed, which distributes the house from your Mother's estate into your own name, is $252.00. This amount is comprised of: $107 (Filing Fee), $107 (Philadelphia Housing Trust Fee), $. 50 (State Writ Tax), $2.00 (Philadelphia County Fee) and $35.50 (Access to Justice Fee).

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Philadelphia Pennsylvania Assignment and Conveyance of Net Profits Interest

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What is the transfer tax in PA?

How much is transfer tax in PA?

How is Philadelphia transfer tax calculated?

Who pays the transfer tax in Pennsylvania?

How do you calculate transfer tax in PA?

How is Philadelphia use and occupancy tax calculated?

Does Pennsylvania have a controlling interest transfer tax?

How are local transfer taxes calculated?

What is the Philadelphia net profit tax?

How much does it cost to transfer a deed in Philadelphia?

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Can a net profits interest be bought, sold, or transferred?

What is the purpose of assigning and conveying a net profits interest?

Are there any restrictions on assigning and conveying net profits interests?

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